Zillow Partners With Once-Rival Opendoor

Zillow is partnering with once-rival Opendoor in a multi-year deal, the company announced in a press release. Home sellers using Zillow will be able to request an Opendoor offer to sell their home while on the platform. Customers will be able to use it by itself or package it with other Zillow services such as financing, closing, and agent selection. Zillow will get a referral fee when a customer accepts an offer from Opendoor. “Zillow is the most visited brand in online real estate. As we bring the housing super app to life, we’re empowering our millions of visitors to understand all their options and transact in the way that best meets their housing needs,” said Zillow Chief Operating Officer,…

Opendoor Launches New Financing App

Opendoor has rolled out a new financing app in California that the company claims allows consumers to get pre-approved for a mortgage in under two minutes. The company announced the roll-out on its website, and the app went live Thursday, June 2. It is part of the company’s suit of products including Buy with Opendoor, Opendoor Backed Offers, and Opendoor Complete. “With this new financing app, Californians can better understand their loan options and the down payment they need to buy a home. They simply download the app and answer four short questions,” the release reads. “Our technology then identifies loan options that are available from over 1,000 programs based on the customer’s needs and criteria, such as the mortgage…

Zillow Offers Won’t Buy Any More Homes This Year

Zillow’s iBuying division, Zillow Offers, will stop buying new homes for the rest of the year. Zillow Offers has been operating in house flipping for more than three years, buying, renovating, then selling homes. However, it has announced that it will switch gears and focus on its backlog of existing contracts and selling the homes it currently owns. In response to this news, Zillow stock plummeted 10% on Monday. The company cited challenges related to construction and labor contracts. “We’re operating within a labor- and supply-constrained economy inside a competitive real estate market, especially in the construction, renovation and closing spaces,” Chief Operating Officer Jeremy Wacksman said.  “We have not been exempt from these market and capacity issues.” Homebuilders have…